March 1, 2023 3 min read


Penn Entertainment Still Hasn’t Ruled Out Selling Barstool

After Penn Entertainment recently acquired the remaining interest in Barstool Sports, a new report suggests that a potential sale of the sports media isn't off the table

Popular north American operator and provider of integrated entertainment, casino and sports experiences, Penn Entertainment, acquired some 36% stake in Barstool Sports, a leading sports website and digital media, in a deal for $163 million. This happened back in February 2020.

Then, last month, three years after the initial interest acquisition, Penn acquired the remaining 64% interest in Barstool Sports. To acquire the remaining interest, the company paid some $388 million. This means that Penn paid approximately $500 million to acquire in full Barstool Sports.

We are extremely pleased to welcome Barstool Sports fully into the Penn Entertainment family.”

Jay Snowden, CEO and president of Penn Entertainment

At the time of the announcement, Jay Snowden, Penn Entertainment’s CEO and president, said that the company is excited to see Barstool Sports join “the Penn Entertainment family.” He outlined that the digital media and sports website is trusted and proven within the sports vertical. Additionally, Snowden acknowledged that the acquisition brings new growth opportunities for Penn and complements the company’s interactive division.

Penn May Consider Selling Barstool

While undoubtedly, the acquisition is expected to bring benefits for Penn Entertainment, a report suggests that a resale of Barstool Sports may bring greater value for the company’s stakeholders. Lloyd Danzig, Sharp Alpha Advisors’ managing partner, was recently interviewed by John Wall Street.

He explained that Penn paid some $525 million for the complete interest in Barstool Sports. This, according to Danzig and analysts in the industry, was a good deal, considering that the Barstool Sports’ was estimated to be worth about $800 million to $1 billion.

They’ll have paid roughly $525 million in total consideration for an asset that most analysts seem to think is worth anywhere from $800 million to $1 billion.

Lloyd Danzig managing partner at Sharp Alpha Advisors

Chris Grove, Acies Investments’ co-founding partner, added that in case there is a gap between the value of the betting brand and the media brand of Barstool, a potential sale of those assets may be possible. According to the co-founding partner, such a sale can deliver great value for Penn Entertainment’s shareholders.

If a big enough gap opens up between the value of Barstool the media brand and Barstool the betting brand, Penn could find themselves in a spot where selling Barstool and licensing back the brand for betting creates the greatest value for shareholders.

Chris Grove, co-founding partner at Acies Investments

This, in turn, can propel the company to its next level of growth. Still, it’s important to mention that Penn hasn’t confirmed it has such an intention, at least for the moment.


Jerome is a welcome new addition to the Gambling News team, bringing years of journalistic experience within the iGaming sector. His interest in the industry begun after he graduated from college where he played in regular local poker tournaments which eventually lead to exposure towards the growing popularity of online poker and casino rooms. Jerome now puts all the knowledge he's accrued to fuel his passion for journalism, providing our team with the latest scoops online.

1 Comment

  • Peter
    March 1, 2023 at 1:53 pm

    PENN spent 2 billion to acquire theScore and selling Barstool would render that purchase useless. They have said themselves once theScore tech stack is integrated into Barstool Sportsbook in July, they are going to increase their promotional and marketing spend to compete with Draftkings and Fanduel. Don’t see this happening at all.

Leave a Reply

Your email address will not be published. Required fields are marked *